Business liability insurance in the US
Business liability insurance, also known as general liability (GL) insurance, is a cornerstone of any business insurance portfolio in the US. It shields your business from financial losses due to lawsuits and claims resulting from your day-to-day operations.
What Does Business Liability Insurance Cover?
- Bodily Injury: If someone gets injured on your business premises or due to your operations (like a delivery driver causing an accident), medical expenses and legal fees can be covered.
- Property Damage: This covers situations where your business accidentally damages someone else’s property.
- Advertising Injury: Lawsuits alleging slander, libel, or copyright infringement in your marketing materials can be covered.
- Medical Payments: Even minor injuries can result in medical bills. This coverage can help with those costs.
Why is Business Liability Insurance Important?
- Lawsuits are Expensive: Even frivolous lawsuits can cost a significant amount to defend. Insurance covers legal fees and potential settlements.
- Peace of Mind: Knowing you have this safety net allows you to focus on running your business without constant worry.
- Increased Credibility: Many clients and partners view having business liability insurance as a sign of professionalism and trustworthiness.
Obtaining Business Liability Insurance
- Get Quotes: Contact multiple insurance providers to compare rates and coverage options.
- Consider an Agent: An insurance agent specializing in business insurance can assess your risks and recommend suitable coverage.
- Coverage Limits: There are two main coverage limits – one for each incident and another for the total policy period. Ensure they are adequate for your business.
Remember:
- The specific needs will vary depending on your business type, size, and risk profile.
- This is not a substitute for other essential coverages like workers’ compensation or commercial auto insurance.
By having business liability insurance, you’re safeguarding your business assets and ensuring your operations can continue even in the face of unforeseen events.
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